Transfer from Trustee to Successor Trustee

[curb1]

What is the name of your state (only U.S. law)? Oregon

What are the mechanics involved in transferring trust from a trustee to a successor trustee in the case of death, or disability for example. The trusts that I am involved with do not address the mechanics of transfer well.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[TrustUser]

hi curb,

i live in california. but trust laws are fairly similar, except for louisiana.

normally, the trust will talk about having some sort of paper signed, whereby the current trustee relinquishes his job, and a new one signs on.

but you will still need to visit your assets, and let them know. a bank is only gonna do business with the trustee of record. so you need to do what they ask of you, to provide proof of new trusteeship.

for real property, there are things like "death of trustee", and "substitution of trustee" forms that need to be recorded at the county recorder.

i have actually gone thru all this with the death of a parent, and with helping a friend out when his parents died, and transferred trusteeship.

 

[curb1]

Thank you. I imagine each institution will have their own form to register.

 

[curb1]

Is there anything that needs to be done to the trust document?

 

[TrustUser]

no, you do not want to make any marks on it.